Debt and Bank Fraud

Today there is good and bad news.

The good news came from a StatsCan report about all of the household debt in Canada that many experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.

As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip Cross, revealed that two-thirds of the $1.8 trillion in household debt were mortgages.

Is your debt acceptable?

It’s easy to tell if your debt is affordable, either you can make the payments along with your other expenses, or you can’t. But if you can “afford” your debt, does that make it acceptable? What may help with that answer is knowing how your debt compares to that of other Canadians.

Do you know if you have more debt than your neighbours, or more than the average Canadian?

If you do have above-average levels of consumer debt, realizing that could be a wake-up call.